Oil fracking has been a long practice undergoing the resource mining of oil to be purposed for our own benefits. The underlying history that is brought from the beginning of oil fracking relies in polices and the Yom Kippur War. These two aspects in oil fracking will help understand what the contemporary issue’s history is from then. To then help better understand the current state of the issue.
Oil fracking polices are an important aspect the contemporary issue for specific business-related reasons during the twentieth century. One example of a company that was around during the twentieth century was the Hawaiian-Texas oil company LTD. This company is a larger forceful company that owns a multitude of oil properties. The company owns sixty different leased oil properties. Totaling six thousand acres. From these properties being leased not enough information was being disclosed to the investors of these oil producing spaces. For example, the policy states their will provide a fifty percent split between the investors and LTD. 50 of the net proceeds from Oil produced, and profits derived from the Company’s Operations . Along with them drilling additional wells from the money being profited. The remaining percentage of money that was invested into the company was put towards the continued development of the business. LTD’s business and mindset to expand and further develop their production of oil was going well. But investors weren’t disclosed were the oil fields were being produced. During this time the company had a total of sixty separate oil leases. One oil well in Okmulgee County, Oklahoma was being drilled about 600ft from the Hartford’s producing oil well . This was leading to a conflict with their opposing business due to zoning restrictions not being established.
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George P. Mitchell is another example that involves oil fracking policies needing to be developed. George P. Mitchell was a significant oil business man that started in 1943. He was the known as the pioneer for oil fracking During his career in the oil fracking business. He participated in drilling some 10,000 wells, including more than 1,000 wildcats wells drilled away from known fields . His company, Mitchell Energy & Development, was credited with more than 200 oil and 350 natural gas discoveries . In the 1960s, Mr. Mitchell, looking to diversify, bought 66,000 acres of mostly undeveloped real estate within a 50-mile radius of Houston . In 1974 he created The Woodlands, 27,000-acre forested development 27 miles north of Houston, helped by a $50 million loan from the Department of Housing and Urban Development. Many people were living there. This was another example of zoning restriction related to commercial land usage for the residential usage at the time. Exon Mobil at the time was also involved with this commercial zoning issue with the land. After George P.
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